David Chojnacki S1F Market Technician
The indices opened flat but quickly began to slide to the downside. By 2:00PM, the averages were near their lows of the day. A steady move to the upside in AAPL and a strengthening in Techs, seemed to propel the indices in the finals hours to move into the positive. The Nasdaq100 had a strong session ending up 0.6% on the day. At the close, the DJIA managed to eke out a 2.3 point gain, and the S&P up a mere .63 of a point. While the gain was not much, it was a surprising reversal. Breadth was slightly negative, on below average volume. RSI's were mainly flat with the Nasdaq100 rising a bit. ROC(10's) remain negative, but advanced in the session. MACD'S remain below signal for the major averages. The big story was the reversal in the Nasdaq100 which was helped by the nearly 4% gain in AAPL. This kept the Nasdaq100 from moving closer to a longer term breakdown and moderate correction. It still remains below its 1 year trend-line(2700), but moved back above its 20 week moving average and 150D-SMA(2683). We now have support at 2675 and 2662(50% retracement). Resistance on the upside is 2700 and 2709(.38 retrace). Watch 2710 in today's session as a near term bias indicator. The S&P and DJIA have been trading in a choppy, but sideways trend since the second week of September, with weakening technicals, but have yet not broken down short term bias. The S&P bounced off 1422 in yesterday's session, very close to what we see as short term support at 1425, to close near the 50D-SMA(1434). Near term support remains at 1425 and 1410-09. Resistance is now at 1440 and 1448-50. Futures are significantly lower this morning versus fair value. StreetOne Financial WEBINAR-Using Low-Volume ETFs For Maximum Impact and Minimum Cost *November 07, 2012 2:00-3:00pm EDT Register here: https://www2.gotomeeting.com/register/981003234>
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.